Activity at China's factories shrank for the 14th straight month in April as demand stagnated, a private survey showed. Adding to the downward pressure, oil prices dropped about 2 percent as rising output from the Middle East renewed concerns about global oversupply. "We are reacting to the negative news overnight from China and Europe, and investors are waiting for the jobs data," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.
Former drug executive Martin Shkreli, who last year became a lightning rod for outrage over soaring prescription drug prices, may face additional U.S. charges of securities fraud, a federal prosecutor said on Tuesday. More charges related to Shkreli's involvement with biopharmaceutical company Retrophin Inc could be filed within a month, Assistant U.S. Attorney Winston Paes said at a hearing in federal court in Brooklyn, New York. Shkreli, 33, sparked outrage among patients, medical societies and U.S. lawmakers after another company he ran, Turing Pharmaceuticals, raised the price of the drug Daraprim by more than 5,000 percent to $750 a pill.
Pfizer said sales would be hurt in the fourth quarter of 2016, however, when those added days will be offset by fewer days. Pfizer walked away from the deal after the U.S. Treasury issued new rules curbing tax inversion deals, under which American companies move overseas to cut taxes. Many analysts believe Pfizer needs to buy new medicines or entire biotech companies to ensure competitive earnings growth.